Good morning, marketers! Need a quick catch-up on recent industry news? We have you covered!
Marketers increasingly reliant on “first-party” data
Eric Keating, writing for AdWeek, cites the advent of GDPR and consumer reaction to the Cambridge Analytica scandal as two factors behind an increasing reliance by marketers on “first-party” data rather than data obtained from third-party sources. “Chances are, you already have this data just sitting in your marketing systems, and you’re not using it to its fullest potential,” he writes. “When used correctly, first-party data can drive more personalized and targeted campaigns that don’t just drive one-time purchases, but actually develop long-term customer loyalty. Even better, first-party data complies with new regulations and increasing consumer demands for data security.”
Check out how Oracle Responsys and Movable Ink help clients deliver personalized experiences by making content and data sources easily accessible.
Measurable methods are seen as the key to cost-effective marketing
“To cut costs and increase return on investment, we are increasingly leveraging marketing methods that allow us to better target our audience, using paid social media, email marketing and direct mail, and decreasing general advertising,” writes Amanda Ponzar at Forbes, in an article that looks several ways to manage marketing budgets. “It’s all about measuring what’s working and laser-focusing on the audience that matters to you and using the most affordable, measurable ways to reach them.”
Use “urgency” to nurture long-lasting relationships with customers
“Creating a sense of urgency is a useful marketing tool to drive sales, move stock or differentiate yourself from your competitors,” writes Jason Hall at Forbes. “Unfortunately, many businesses use it for only these short-term purposes. When they do, they miss out on ways to add value to their business that keeps customers coming back. The sense of urgency definition shouldn’t be ‘I have to get it before it’s gone.’ Instead, make it more about ‘how did I ever live without this product?’” Hall cautions that “an overtly manufactured sense of urgency probably won’t grow your business” and advises marketers that “for scarcity to work in a way that’s valuable to your business, buyers need to trust you first.”
Data science can power brand stories that influence consumers
“We love stories because we often see ourselves as the heroes or can relate to some of their traits, woes, or struggles,” writes Steve Masters at Business 2 Community. “You are probably using personalization to some extent on your website and in email campaigns. And it could be further extended in the realm of brand stories using data science. Data science can help you spot repeating patterns and trends that could be further turned into unique stories and industry research. In fact, 74 percent of B2B consumers say that original research published by brands significantly influences their decision-making. Original research also raises your profile with media outlets and improves your PR efforts.” Masters suggests marketers leverage data science to “select better topics, conduct advanced audience segmentation, and run highly-personalized campaigns, and, at the same time, share unique stories only your brand is capable of producing.”